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Market
Employee number changes at Steward Health hospitals in Massachusetts by end of 2024
4
Resolution / Starting Odds
Increase in employees • 33%
No change in employee numbers • 33%
Reduction in employees • 34%
Public announcements by Steward Health Care or Massachusetts Department of Labor
Story
Steward Health Care Files for Chapter 11 Bankruptcy in Massachusetts
May 6, 2024, 08:51 AM
Steward Health Care, a health care provider operating eight hospitals in Massachusetts, has filed for Chapter 11 bankruptcy protection early Monday morning. This development follows a period of financial struggles that prompted state officials to activate an emergency operations plan to manage the fallout. The company, which had expanded nationally and was once considered a low-cost alternative to Boston's larger medical institutions, faced growing concerns about potential bankruptcy leading up to the filing. Additionally, Steward Health Care is finalizing a rescue loan with its landlord, Medical Properties Trust, amidst this financial turmoil. The bankruptcy filing occurred without a debtor-in-possession (DIP) financing or a restructuring support agreement (RSA).
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Similar markets
Successful restructuring • 33%
Liquidation • 33%
Sale to another company • 34%
Increase in funding/resources • 33%
Decrease in funding/resources • 33%
No significant change • 34%
Partnership formed • 25%
Acquisition by a competitor • 25%
No engagement • 25%
Government intervention • 25%
Supportive • 33%
Critical • 33%
Neutral • 34%
No change in leadership • 25%
New CEO appointed • 25%
New CFO appointed • 25%
Overhaul of entire executive team • 25%
Yes • 50%
No • 50%
Increase in closures of nursing homes • 25%
Decrease in closures of nursing homes • 25%
No significant change in closures • 25%
Increase in new nursing homes • 25%
Workforce Expands • 33%
Workforce Reduces • 33%
Workforce Remains Stable • 34%